Morison Industries N502.2m Rights Issue Closes

By Modupe Gbadeyanka

Application for the raising of N502.2 million through rights issue by Morison Industries Plc has finally come to an end.

The exercise wrapped up on Friday, January 5, 2018.

Morison Industries is engaged in the production and marketing of pharmaceuticals, hygiene products and the importation and distribution of medical, surgical and hospital equipment, instruments and consumables.

The company also provides its production facilities to third party for contract manufacturing arrangements.

During the exercise, Morison Industries offered its existing shareholders a rights issue of 836.98 million ordinary shares of 50 Kobo each at 60 Kobo per share on the basis of 11 new ordinary shares for every two ordinary shares of 50 Kobo held as at August 25, 2017.

GTI Securities Limited served as the stockbroker to handle the supplementary share issuance while GTI Capital Limited was the issuing house.

Both GTI Securities and GTI Capital are members of the GTI Capital Group-a leading financial services group that owns the largest private trading floor in Sub Saharan Africa (SSA).

Morison Investment Limited, United Kingdom, holds 40 percent equity stake in Morison Industries while Nigerian investors hold the remaining 60 percent. Morison Industries was incorporated in Nigeria in June 1955.

All Stockbrokers in their capacity as Receiving Agents were told to forward all documentations in respect of the trading of right to the Registrars, Cardinal Stone Registrars Limited on or before Friday, January 5, 2018.

Receiving Agents are required to forward all application forms to the Registrars–Cardinal Stone Registrars Limited at 358, Herbert Macaulay Way, Yaba, Lagos or GTI Capital Limited at 4, Tinubu Street, Marina, Lagos not later than Friday, January 12, 2018 with an accompanying docket (in excel format on a CD ROM) showing the full details of the subscriber and the details of the rights.

A copy of the electronic return should either be delivered to GTI Capital Limited or forwarded via e-mail to [email protected].